This months accretionary wedge is hosted at Geotripper …I’m taking part.
The Department of Petroleum Resources (DPR) in their third quarter report on the petroleum industry announced that the country’s oil reserves may dry up in the next 45 to 50 years. Their calculations were based on the estimates of the nation’s proven plus probable oil reserves which stood at 32.39 billion barrels plus 5.19 billion barrels of condensate as at January 2008. With current production levels at 2.108 million barrels a day and an estimated 730 million barrels per year the DPR expects a 2.23% reserves depletion rate and 45.75 years reserve index. These announcements, alarming as they sound, are based on current reserves and do not take into account though undiscovered reserves in promising areas like the deep offshore Niger Delta, the Anambra and Chad basins plus extra oil that may be obtained in the future through enhanced recovery.
This is the first of many posts in what I think is the first blog on geology from a Nigerian perspective. Though of course issues from other fields will find their way into this blog from time to time (not too frequently I hope).